German 社債s 始める，決める for best start to the year since 1977
By Amanda Cooper
LONDON, Jan 6 (Reuters) - Euro zone 政府 社債 prices 辛勝する／優位d 負かす／撃墜する on Friday ahead of U.S. 雇用 data, as 期待s for more benign インフレーション readings in the 圏 kept German 産する／生じるs on course for their largest 減少（する） for the first week of the year in over 40 years.
German 10-year 社債 産する／生じるs, which serve as a （判断の）基準 for the broader euro zone, 辛勝する／優位d up 1 basis point on the day to 2.31%. But they've fallen by almost 30 bps this week and were on Friday 長，率いるing for their largest 週刊誌 拒絶する／低下する since late October and, によれば Refinitiv data, the biggest in the year's first week since 1977.
Lower 消費者 インフレーション readings in Germany, フラン and Spain have 誘発するd 投資家s to 再評価する how far 利益／興味 率s are likely to rise.
"This is a very, very meaty 拒絶する／低下する in European 率s. Ten-year Bund 産する／生じるs are 負かす／撃墜する 30 basis points in the first three days," Rabobank 上級の 率s strategist Richard Maguire said.
"This is the 製品 of 女性-than-心配するd インフレーション data in the euro zone, the 拒絶する／低下する in energy prices on the 支援する of the unseasonably warm 天候 and 憶測 that '頂点（に達する） インフレーション' is now behind us," he said.
That was giving rise to hopes that the European Central Bank 率 path might be いっそう少なく 積極的な than 推定する／予想するd, he 追加するd.
Energy prices, which ロケット／急騰するd last year after Russia's 侵略 of ウクライナ共和国 混乱に陥れる／中断させるd flows of natural gas to Europe, have 緩和するd, 申し込む／申し出ing some much-needed 一時的休止，執行延期 to 世帯s and 商売／仕事s and taking some 圧力 off the ECB.
A month ago, money markets were pricing in a 終点 ECB 率 of around 2.8% by September. But at the bank's December 会合, 大統領 Christine Lagarde signalled this w as too low. Markets then 定価つきの a 率 of 3.5%.
Now, that 率 is 推定する／予想するd to be around 3.37%.
産する／生じるs on the 社債s of more ひどく indebted nations such as Italy have fallen more はっきりと. Ten-year BTP 産する／生じるs have dropped by more than 35 bps this week. They were last up 4 bps on the day at 4.365%.
Yet インフレーション in the euro zone is at 10.1%, still 井戸／弁護士席 above the ECB's 的 率 of 2%. That makes pricing in the 社債 market look 極端に 楽観的な, によれば Rabobank's Maguire said.
"Even with インフレーション past its 頂点（に達する）, it's still a 多重の of that 的," he said.
The main 危険 event for Friday is the 月毎の U.S. 非，不，無-farm payrolls 報告（する）／憶測 for December. 経済学者s 推定する／予想する the data to show 200,000 労働者s were 追加するd last month, which would be the smallest 伸び（る） in two years.
強健な 人物／姿／数字s for U.S. 週刊誌 失業 （人命などを）奪う，主張するs and 私的な-部門 雇用 on Thursday 誘発するd a sell-off in 財務省s, which 流出／こぼすd into the European market.
追加するing another drag on 社債s were minutes from the 連邦の Reserve's 最新の 会合 that showed policymakers do not believe 財政上の 条件s are tight enough, which would 令状 more 率 rises than the market is 現在／一般に pricing in.
A 減少（する） in the hourly 収入s 率, which is 現在／一般に at +5.1% year on year, could 点火（する） another 決起大会／結集させる in 社債s, 分析家s said.
"配達／演説／出産 of a 4 (point anything) 扱う would really 始める，決める the 社債 bulls going," ING strategists said.
"There's lots at 火刑／賭ける as we 直面する into this 報告（する）／憶測."
(報告（する）／憶測ing by Amanda Cooper; Editing by xxxxx)
